Attention commercial property owners! C-PACE Programs offer an innovative financing path for energy-efficient building improvements. Let’s learn more about it!
Commercial Property Assessed Clean Energy (C-PACE) is an innovative financing program that is aimed at encouraging building owners to make energy-efficient and sustainable upgrades to their properties. This program is new to New Mexico, but has been on the books in Colorado and Texas (as well as many other states) for some time. This program allows property owners to access long-term, low-cost financing for energy and water-efficient upgrades, renewable energy installations, and other measures that reduce a building’s environmental impact.
At Yearout Energy, our team works tirelessly to help our clients identify and secure all possible sources of funding for their projects. C-PACE offers a unique tool for commercial property owners to finance for qualifying energy efficiency, renewable energy, water conservation, and resiliency upgrades in their facilities. The financing is repaid through a special assessment added to the property tax bill. The assessment stays with the property until financing is complete, which allows for ease of transfer to new owners if the property is sold.
There are several benefits of C-PACE programs for building owners.
- C-PACE financing is a low-cost, long-term financing option, with repayment terms ranging from 10 to 25 years. This can help building owners to finance costly upgrades and improvements that they may not otherwise have been able to afford.
- C-PACE financing is non-recourse, which means that the financing is secured by the property and not the borrower. This reduces the risk for building owners, as they are not personally liable for the assessment.
- C-PACE programs can help building owners to reduce their energy costs and improve the efficiency of their properties. This can result in lower operating costs and increased property values, which can benefit both the building owner and tenants.
- C-PACE programs can be self-funding, that is, savings from utility and operational costs may fully offset the cost of equipment replacements and upgrades in addition to new renewable energy systems.
- C-PACE financing can help building owners meet regulatory requirements and environmental standards. Many jurisdictions have enacted building energy codes and other regulations that require buildings to meet certain energy efficiency and environmental standards. C-PACE financing can help building owners to comply with these requirements by funding energy efficiency and renewable energy projects.
Yearout Energy proudly serves our partners through C-PACE in Arizona, Colorado, New Mexico, and Texas. Learn more about C-PACE and what we can do in your facilities by reaching out to Yearout Energy.
NM – Tara Trafton, tara.trafton@yearoutenergy.com
CO/AZ – Brad Brady, brad.brady@yearoutenergy.com
TX – Kanyon Payne, kanyon.payne@yearoutenergy.com